All Forum Posts by: Account Closed

@Jason Callahan

The problem with public forums is everyone is allowed to answer you regardless of their experience.  So please take all comments (including mine) as entertainment.  So here we go.

@Levi T. don't waste your money on a license.  I have to disagree.  My partner has a license.  He's able to analyze comps off the mls which allows us to know what to buy a house at and what it will sell at.  There are no deals on the mls.  Again I must disagree.  We purchased 2 houses last month via the mls.  One for 950k and one for 2.7MM.  Both of them are deals.  This is Los Angeles and if I listened to every forum post apparently there's no deals to be had in la San Francisco New York etc.  Yet we keep finding deals because our livelihood depends on it.  Show me someone who says xyz can't be done and I'll show someone who's doing it all day long. 

I don't know why you want to start with flipping.  I'm on my 6th flip and I have to say it's extremely difficult.  If you are serious start reading everything you can about real estate,business, finance etc.  I believe j Scott has a book on flipping houses.  Get people's feedback but remember in the end make up your own mind.  Don't let others guide down the wrong path.

Good luck

@Nick Zocher

I am a private lender but I haven't done a debt deal in a while.  When I did I lent at 13% and a point.  I'm now exclusively doing equity deals where I share in the profits.  

Good luck

@Gen Young

I'm going to ask the obvious question how did you create the 500k to invest.  Perhaps instead of investing in real estate you can continue to do whatever it is that generated the 500k.  As for me I invest my money with a local rehabber and get a portion of the profits.  I would be very cautious if I were you.  You have a bit of money and not a lot of experience and scammers are always looking for that sort of thing.  Good luck. 

@Elahe Ahmadi

Ok so I'm going to caution you against this deal. 

Remember you're asking questions on a public forum and you really need to have those questions answered.  For instance what's the arv number needs to be very specific.  It needs to compare to the exact square footage of other houses that have sold in the last 6 months.  Same upgrades. Same school district similar lot size etc.  Looking at this house it is very damaged and as others have mentioned it needs to be taken down to the studs & perhaps foundation work as well.

Hard money- yes I recommend it.  That said you need adequate reserves to show you can pay for your portion of the purchase price front the construction costs and pay the monthly payments.  They will ask for 3 months of bank statements as proof.  How much hm funds depends on how good the deal is.  The better the deal the more they fund.  A house in this condition takes about a year from close of escrow to close of escrow.  

As someone else mentioned a "deal" in la gets snatched up quick.  By the time new investors are aware of a property it's typically under contract by experienced investors.  Not always but mostly.  If its sitting around seasoned investors have passed on the property and the owner is hoping a newbie will overpay.  

These comments are just the tip of the iceberg.  If I were you I would try and partner with someone in your area.

Good luck

@Jody Sims

I met a former teacher from a similar program.  The guy was a top salesman and was paid a lot of money to teach the real estate seminar.  His whole goal was to upsell the students to the pay for the next more expensive course.   The success rate for the students was about 3% which means 97% of the students failed.  I asked him how was it that so few students made it and he replied the ones that find success are incredibly motivated and would succeed regardless of any classes because nothing would get in their way. 

The guy owned no real estate personally but was pretty well off.  As I said earlier He was an incredible salesman and made his fortune in sales.  In fact he was paid so much money that he lived in Los Angeles but the classes were held in Denver.  So he would work in Denver during the week and spend his weekends home in la.  

@Matthew S.

Ok so let's try to take the emotion & anger out of the equation.  As others have stated you don't know how interested in this woman your father is unless you're thinking his thoughts so no need to attack others that don't have your point of view.  So focus on solutions.  1.  Call immigration and report her for lying about her work status.  2.  In Los Angeles we have an elder abuse department see if there's one in your area.  3.  Sit down with her with the immigration & elder abuse information and let her know that you've reported her due to her insistence of getting your father to marry her.  Give her an out to leave quietly & no further action will be taken.  This includes severing communication with your father.  

Good luck

I would not purchase a property without clean title.  There's plenty of deals out there & sounds like the seller is trying to put his problem property on you.

@Par Attaran

I've yet to have have a discussion with a seasoned investor about buying turnkey.  A few investors I know purchased out of state.  They were not  experienced, suffered major losses and no longer invest in real estate.  Seasoned investors do invest out of state but it's not via a turnkey provider.  It's usually commercial properties.  As @Matt R. stated I believe the ones peddled on bp by turnkey marketers are focusing on inexperienced investors.  They don't capture my interest.  

If you can't purchase what you want in your local market perhaps see if you can partner with someone. 

@Alain Perez-Majul

Try to go directly to the turnkey provider.  There are people on bp that broker deals & market the properties.  They get a fee for promoting the company but are not employed by the company.  Marketers if you will.  This inflates the price you pay for for the asset.  They reputation is questionable as they offer biased recommendations. 

I personally don't think they are great investment but they can work for some.

Good luck 

@Angelique Tinney

This belongs in the marketplace